# The MEV Letter #51

**URL:** https://collective.flashbots.net/t/the-mev-letter-51/3768
**Category:** The Flashbots Ship
**Tags:** links, the-mev-letter
**Created:** [August 14, 2024, 11:12am UTC](https://collective.flashbots.net/t/the-mev-letter-51/3768 "2024-08-14T11:12:33Z")
**Posts on this page:** 1
**Page:** 1

<div class="post-metadata">

### Author: ![Fred](https://collective.flashbots.net/user_avatar/collective.flashbots.net/fred/32/1288_2.png) [@Fred](https://collective.flashbots.net/u/Fred)
#### Post date: [August 14, 2024, 11:12am UTC](https://collective.flashbots.net/t/the-mev-letter-51/3768/1 "2024-08-14T11:12:33Z")

</div>

_ **The MEV Letter** _ is a weekly collection of papers, articles and resources related to MEV. The intention of this letter is to provide a comprehensive summary of the latest research, discussions, and developments in the space, with links for further reading.

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# Papers & Articles

- [Mitigating MEV with FHE - Blind Arbitrage on Ethereum](https://writings.flashbots.net/blind-arbitrage-fhe) by @jonathan presents a design that allows searchers to perform blind backruns using FHE.
  - [Forum post](https://collective.flashbots.net/t/mitigating-mev-with-fhe-blind-arbitrage-on-ethereum/3693) by @jonathan

- [PROF: Protected Order Flow in a Profit-Seeking World](https://prof-project.github.io/) by [Kushal Babel](https://x.com/KushalBabel), [Nerla Jean-Louis](https://www.ner.la/), [Yan Ji](https://www.yji.me/), [Ujval Misra](https://ujval.co/), [Mahimna Kelkar](https://cs.cornell.edu/~mahimna), [Kosala Yapa Mudiyanselage](https://www.linkedin.com/in/kosalayb/), [Andrew Miller](https://soc1024.com/), and [Ari Juels](https://arijuels.com/) introduces a system to limit harmful forms of MEV by enforcing transaction ordering in existing PBS systems.
- [The Espresso Sequencing Network: HotShot Consensus, Tiramisu Data-Availability, and Builder-Exchange](https://eprint.iacr.org/archive/2024/1189/1721764665.pdf) by[Jeb Bearer](https://www.linkedin.com/in/jeb-bearer-b01390109/),[Benedikt Bünz](https://x.com/benediktbuenz),[Philippe Camacho](https://scholar.google.com/citations?user=-7sqCHMAAAAJ&hl=en),[Binyi Chen](https://x.com/Charles_Chen533),[Ellie Davidson](https://x.com/ellierdavidson),[Ben Fisch](https://x.com/benafisch),[Brendon Fish](https://www.linkedin.com/in/brendon-fish-88042554/),[Gus Gutoski](https://x.com/gusgutoski),[Fernando Krell](https://www.linkedin.com/in/fernando-krell-040b0523/?original),[Chengyu Lin](https://x.com/XChengyuLin),[Dahlia Malkhi](https://x.com/dahlia_malkhi),[Kartik Nayak](https://x.com/kartik1507),[Keyao Shen](https://www.linkedin.com/in/shenkeyao/),[Alex Xiong](https://x.com/alex_xiong_) and[Nathan Yospe](https://www.linkedin.com/in/nathanfyospe/) present the Espresso Sequencing Network for L2s, including the [HotShot Consensus](https://github.com/EspressoSystems/HotShot) , Tiramisu DA, and the Builder-Exchange mechanism.
  - [Blog post](https://medium.com/@espressosys/espressos-hotshot-consensus-protocol-is-now-open-source-178a37d4eca0) by [Espresso Systems](https://www.espressosys.com/)
  - [Thread](https://x.com/EspressoSys/status/1821204000626405544) by[Espresso Systems](https://www.espressosys.com/)

- [ShardDAG: Ordering and Exploitation in Sharded Blockchains](https://ethresear.ch/t/sharddag-ordering-and-exploitation-in-sharded-blockchains/20203) by [James Henderson](https://x.com/JamesAHendo) details an architecture that addresses MEV challenges and censorship in state-sharded blockchains by enforcing a verifiable order for cross-shard transactions.
- [The Crypto Dark Pool Design Playbook](https://collective.flashbots.net/t/the-crypto-dark-pool-design-playbook/3752) by @yusufxzy explores various designs for dark pools and private DeFi infrastructure, covering pre-execution privacy, order matching, liquidity sourcing, and compliance.
- [The Future of DeFi: Overcoming 3 Key Blockers for Mass Adoption—Insights from the SBC Conference](https://gogol.substack.com/p/the-future-of-defi-overcoming-3-key) by[Krzysztof Gogol](https://x.com/krzysgogol) discusses challenges that hinder the mass adoption of DeFi and how recent advancements presented at [SBC’24](https://www.sbc-conference.com/) seek to address these issues.
- [Bid cancellation in ePBS](https://hackmd.io/@potuz/HyhN0Nt9A) by [Potuz](https://x.com/potuz_eth) details how bid cancellations currently work in MEV-Boost, and why they are irrelevant under ePBS.
- [Proof of Service Integrity (PoSI): Trustless measurement of service integrity](https://ethresear.ch/t/proof-of-service-integrity-posi-trustless-measurement-of-service-integrity/20255) by [peshwar9](https://ethresear.ch/u/peshwar9/summary) presents a byzantine fault tolerant verification protocol for offchain activities, like block building.
- [Aori, Game Theory, and DeFi](https://mirror.xyz/joshbaker.eth/hG9TpGNy5VhZhP8q1JWGuA8frtiZEphCttXPQc9_Zak) by [joshua](https://x.com/joshuagunnn) describes the design of [Aori](https://www.aori.io/) and explores the future of DeFi and offchain infrastructure.
- [Guess Which Builder Took $8.2M From the Table During Black Monday?](https://eigenphi.substack.com/p/guess-which-builder-took-82m-from) by [EigenPhi](https://eigenphi.io/) details how [beaverbuild](https://beaverbuild.org/) managed to earn 3.9K ETH during the market turmoil between Aug 3rd to Aug 5th.

# Posts & Threads

- [Terence Tsao](https://terencecha.in/) published a [post](https://x.com/terencechain/status/1821143020772724993) to outline some of the differences between [FOCIL](https://ethresear.ch/t/fork-choice-enforced-inclusion-lists-focil-a-simple-committee-based-inclusion-list-proposal/19870) and [BRAID](https://www.youtube.com/watch?v=mJLERWmQ2uw), noting BRAID’s benefit of not requiring a committee, but having a higher implementation complexity.
- [Barnabé Monnot](https://barnabemonnot.com/) published a[thread](https://x.com/barnabemonnot/status/1820912429418811594) commenting on the difference between [FOCIL](https://ethresear.ch/t/fork-choice-enforced-inclusion-lists-focil-a-simple-committee-based-inclusion-list-proposal/19870) and [BRAID](https://www.youtube.com/watch?v=mJLERWmQ2uw), highlighting the flexibility of FOCIL, and the leaderless block construction in BRAID.
  - [Reply](https://x.com/potuz_eth/status/1820914623664488661) by[Potuz](https://x.com/potuz_eth)
  - [Reply](https://x.com/danrobinson/status/1820929930160373857) by[Dan Robinson](https://x.com/danrobinson)

- [Alex Watts](https://twitter.com/ThogardPvP) published a [thread](https://x.com/thogardpvp/status/1822349492609503712?s=52) that examines how searchers might be impacted by MCP, and potential attacks by malicious proposers.
- [Frankie](https://x.com/FrankieIsLost) published a [thread](https://x.com/FrankieIsLost/status/1821685500907786603) expressing concerns of MCP related to potential timing games between proposers, and implementation complexities.
  - [Reply](https://twitter.com/0xdoug/status/1821693130149593542) by [Doug Colkitt](https://twitter.com/0xdoug)

- @bert published a[post](https://x.com/bertcmiller/status/1821166925545640235) to highlight a user receiving [7.7 ETH](https://etherscan.io/tx/0x41315850a151cbdefdc622312c13a09e0f995deeb6b83b2dcb93493522284cbd) in MEV refund via [Flashbot Protect](https://protect.flashbots.net/).
- [Entropy Advisors](https://x.com/EntropyAdvisors) published a [thread](https://x.com/entropyadvisors/status/1823368986886574424) describing how faster block times on Arbitrum result in lower LVR for Uniswap LPs compared to Optimism.
- [Entropy Advisors](https://x.com/EntropyAdvisors) published a[post](https://x.com/EntropyAdvisors/status/1821200425263231069) of the new ATH in MEV revenue sent to proposers via MEV-Boost on Aug 5th.

# Talks & Discussions

- [Recordings](https://www.youtube.com/playlist?list=PLRHMe0bxkuenME27dNX2IegMHozU0S5P3) from [MEV-SBC’24](https://collective.flashbots.net/t/the-mev-workshop-at-the-science-of-blockchain-conference-2024-mev-sbc-24/3527) hosted by [Flashbots](https://www.flashbots.net/) have been uploaded with talks that highlight MEV research from the past year, as well as new areas of research:
  - [Oblivious RAM From Theory to Large Scale Adoption](https://youtu.be/P2_3FIqWPD8?si=ZlAdYkTFqFUPosl5) by [Elaine Shi](https://x.com/ElaineRShi)
  - [Privacy in DeFi Modularity, Grading, and Optimization](https://youtu.be/WrSFDOoMSv8?si=lgKFnoio1xAMy-NW) by [Tarun Chitra](https://x.com/tarunchitra)
  - [Programmable Privacy for MEV](https://youtu.be/sgekbNX0J-I?si=jOsc_GRcCU5E_Zxi) by @jonathan
  - [More Slides on Proposer Builder Separation](https://www.youtube.com/watch?v=ToVi-zsiE4M&list=PLRHMe0bxkuenME27dNX2IegMHozU0S5P3&index=4) by [Mike Neuder](https://x.com/mikeneuder)
  - [Centralization in Attester Proposer Separation](https://youtu.be/jhzf1Jj_vwI?si=kC98XY928nslFj2D) by [Mallesh Pai](https://x.com/malleshpai)
  - [Sailfish Towards Improving the Latency of DAG based BFT](https://youtu.be/yI3oWy6Cihg?si=OJT_fU-i-bnUDmSN) by [Kartik Nayak](https://x.com/kartik1507)
  - [Cross Rollup MEV Non Atomic Arbitrage Across Layer 2 Blockchains](https://youtu.be/e0wEQ1L5tDE?si=ckMaz7ddJ6BiJTHq) by [Krzysztof Gogol](https://x.com/krzysgogol)
  - [Who Wins Ethereum Block Building Auctions and Why?](https://youtu.be/M8FTWuFQi6M?si=UX0-NbULbe5IlgXI) by @sui414 and [Burak Öz](https://x.com/boez95)
  - [Panel: The Incentives of Short Term Censorship Resistance](https://youtu.be/SBOGdofF4u8?si=gexGeOUP_WKNLDAf) with [Max Resnick](https://x.com/MaxResnick1) and @phil, moderated by @Quintus
  - [MEV BooTEE: A TEE Approach to Partial Block Building](https://youtu.be/KIRehgtvWH4?si=sSWyMYvybryF9oqt) by [Oana Barbu](https://x.com/OanaDesu)
  - [Off-Chain Coordination via Liquefaction](https://youtu.be/I5sBmoeSc2Q?si=OfN7FPB5Kxu3CoQk) by [James Austgen](https://www.initc3.org/people)
  - [Using TEEs Without Trusting Them](https://youtu.be/Rx_qpkPQmy8?si=EccOOku4lPYLwqt3) by [Fan Zhang](https://x.com/0xFanZhang)
  - [Agenda](https://collective.flashbots.net/t/the-mev-workshop-at-the-science-of-blockchain-conference-2024-mev-sbc-24/3527) by @sarah.allen

- [Recordings](https://www.youtube.com/playlist?list=PLbig0e-vh2_NJFaz52OvMI2sVAH-Ys3cg) from [Sequencing x CAKE day](https://lu.ma/sequence-cake-ethcc) hosted by [OneBalance](https://x.com/OneBalance_io) and [Espresso Systems](https://www.espressosys.com/) are available with talks related to sequencing, preconfirmations, commitments, and chain abstraction.
  - [Thread](https://x.com/OneBalance_io/status/1823005313169301652) by [OneBalance](https://x.com/OneBalance_io)
  - [Thread](https://x.com/therollupco/status/1810062739039027492) by [The Rollup](https://x.com/therollupco)

- [Livestream recordings](https://www.youtube.com/@ic3initiativeforcryptocurr114/streams) of [The Science of Blockchain Conference 2024 (SBC’24)](https://www.sbc-conference.com/) by [IC3](https://www.initc3.org/), [Stanford Center for Blockchain Research](https://cbr.stanford.edu/), and [UC Berkeley RDI](https://rdi.berkeley.edu/) are available with talks on distributed systems, secure computing, crypto-economics, and more.
- [Recordings](https://www.youtube.com/playlist?list=PLmxcKDuCA1V5_Le2GMNCDZ5-ELJViZslP) of [Blockchain Applications Stanford Summit (BASS)](https://bass.sites.stanford.edu/) by [Stanford Blockchain Club](https://blockchain.stanford.edu/), [Stanford Blockchain Accelerator](https://sba.sites.stanford.edu/) and [Crypto & Blockchain Alumni of Stanford](https://groups.stanford.edu/topics/11365/home) are available with talks on the application, engineering and entrepreneurship aspects of blockchain innovation.
- [Panel: Decentralized AI Agents](https://www.youtube.com/live/4Tt4GYQ-ksk?t=7960s) with [Xyn Sun](https://x.com/sxysun1), [Ron Bodkin](https://x.com/ronbodkin), [Sishir Varghese](https://x.com/__sishir), [Amlandeep Bhadra](https://x.com/kokobhadra), [David Minarsch](https://x.com/david_enim), and moderated by [Matt Stephenson](https://x.com/stephensonhmatt) at [Summit on Responsible Decentralized Intelligence](https://rdi.berkeley.edu/events/decentralizationaisummit24) hosted by [Berkeley RDI](https://rdi.berkeley.edu/) discuss the interactions between AI agents and blockchains.
- [WTF is TEE?](https://x.com/PhalaNetwork/status/1823403567983857974) hosted by [zoé mc](https://x.com/zoemcfox) invites [Andrew Miller](https://soc1024.com/), [Alex Zaidelson](https://x.com/azaidelson), [Roshan](https://x.com/roshanrags), [Hang](https://x.com/bgmshana), [Will Wendt](https://x.com/willfullhodl) for an introduction to TEEs in [a new series](https://x.com/PhalaNetwork/status/1823006925795033314) of events dedicated to the topic.
- [The Gwart Show: Where Uri Solves MEV](https://www.youtube.com/watch?v=_coLlEpbVG8) invites [Uri Klarman](https://twitter.com/uriklarman) to discuss MEV, block building, MCP, and [Paladin](https://medium.com/@uri_61495/introducing-paladin-9ec10ac49a31).
  - [Post](https://twitter.com/blockspacepod/status/1822647384448307242) by [Blockspace Media](https://blockspace.media/)

- [Infinite Jungle: ACDC #139: The Role of ACD Call Chairs in Ethereum Governance](https://youtu.be/0LGO_4OPTRE?si=tKeJohWX_bx5b1Lr) by [Christine Kim](https://x.com/christine_dkim) summarizes [ACDC #139](https://www.youtube.com/watch?v=o8p47gIt7Bs) which included discussions of Pectra, PeerDAS, and more.
  - [Notes](https://www.galaxy.com/insights/research/ethereum-all-core-developers-consensus-call-139/) by [Christine Kim](https://x.com/christine_dkim)

# Other

- [Trustless TEE update. August 24](https://collective.flashbots.net/t/trustless-tee-update-august-24/3763) by @Quintus presents the latest developments and challenges in designing a secure open-source TEE, as detailed in [Project T-TEE](https://collective.flashbots.net/t/project-t-tee-from-trusted-to-trustless-execution-environments/3541).
- [SUAVE Office Hours](https://collective.flashbots.net/t/suave-office-hours/3749) by @cryptrowanderer announces a new series of calls launching on Aug 14th to discuss SUAPPs and how to build on SUAVE.
- [Flashwares vi: it’s Li](https://collective.flashbots.net/t/flashwares-vi-its-lit/3750)t by @mateusz details a new [Flashwares](https://collective.flashbots.net/tag/flashwares) livestream on Aug 14th with [Harry Bairstow](https://harryet.xyz/) to discuss [Lit Protocol](https://www.litprotocol.com/)’s approach to TEEs and threshold encryption.
- [MEV-Boost community call #10 - 14 Aug 2024](https://collective.flashbots.net/t/mev-boost-community-call-10-14-aug-2024/3654) by @ralexstokes invites the MEV-Boost community to discuss [mev-boost v1.8](https://github.com/flashbots/mev-boost/issues/664), [TEE-Boost](https://collective.flashbots.net/t/tee-boost/3741), [EIP-7732](https://eips.ethereum.org/EIPS/eip-7732), and more.

# Upcoming events

- **Aug 14** : [Flashwares vi: it’s Li](https://collective.flashbots.net/t/flashwares-vi-its-lit/3750)t by [Harry Bairstow](https://harryet.xyz/) and @mateusz
- **Aug 14** : [SUAVE Office Hours](https://collective.flashbots.net/t/suave-office-hours/3749) by @dmarz and @cryptrowanderer
- **Aug 14** : [MEV-Boost community call #10](https://collective.flashbots.net/t/mev-boost-community-call-10-14-aug-2024/3654) by @ralexstokes
- **Aug 16-17** : [Frontiers](https://frontiers.paradigm.xyz/) by [Paradigm](https://www.paradigm.xyz/)
  - [Thread](https://x.com/gakonst/status/1797671854150402327) by [Georgios Konstantopoulos](https://x.com/gakonst)

- **Aug 20-27** : [MEV TOKYO](https://github.com/titania-research-labs/mev-tokyo) by [Titania Research](https://titaniaresear.ch/)
  - [Thread](https://x.com/keccak254/status/1822912401257509067) by [vita](https://x.com/keccak254)

- **Sept 19** : [TEE Unconference](https://lu.ma/tee-unconference) by [Automata Network](https://www.ata.network/)

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